Can I terminate property purchase and recover payments and cheques for breach?

Dear Sirs,

I signed a contract with a developer in the UAE to purchase a property off-plan, with expected completion in late 2024. Construction on the property has not started yet.

I have also provided them with cheques for the downpayment as well as the installments. However, due to unforeseen circumstances, I informed them that I will not be able to go ahead with any of the payments.

So far, I had only paid an initial "show of interest" fee of AED 10.000 by credit card. I have asked for the contract to be canceled, and for the cheques to be returned.

They have refused to do so and stated that as a penalty for defaulting, I will have to pay 10% of the total amount. The first cheque for the down payment is due in one week and it will be returned by the bank due to insufficient funds.

Kindly advise on my options.